Industrial Refrigeration Market Size is expected to USD 55.75 Billion by 2035, growing at a CAGR of 8.30% from 2023 to 2035. In the year 2022, the industry size of industrial refrigeration was USD 21.42 Billion. Furthermore, the market size is slated to grow steadily with a 8.30% CAGR over the forecast period, i.e. 2023 – 2035. The rising demand for processed and packaged food items is surging the use of industrial refrigeration to prevent food from spoiling. The revenue generated from the global sales of packaged food amounted to more than USD 2 trillion in 2019.
Industrial refrigeration is the process of cooling using large-scale cooling systems to remove the extra heat from the materials and lowers the temperature to achieve a desired temperature value. The surge in natural refrigerants owing to the rising need for environmental protection along with the recent shift towards energy-efficient facility designs are predicted to create positive opportunities for revenue generation.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8.30% |
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Base Year Market Size (2022) |
~USD 21.42 Billion |
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Forecast Year Market Size (2035) |
~USD 55.76 Billion |
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Regional Scope |
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Component (Compressors, Condensers, Evaporators, Controls, Others)
The industrial refrigeration market from compressors segment is poised to grow at a significant rate and hold the largest value of 32% in 2035. Compressors have an important role to play in increasing refrigerant vapor pressure in a condenser that ensures suitable temperature and pressure. The rising focus on manufacturing innovative compressor solutions to meet the efficiency of the industrial refrigeration system is expected to create a positive outlook for segment expansion.
Application (Refrigerated Warehouse, Food & Beverage, Chemical & Petrochemical, Pharmaceutical, Refrigerated Transportation)
The food & beverage segment is estimated to grow the highest and hold the largest market share of 34% by the end of the forecast timeline. The increasing working population around the world has increased the demand for ready-to-eat food items and beverages which requires proper industrial refrigerant systems for protection.
Our in-depth analysis of the market includes the following segments:
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Component |
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Capacity |
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Refrigerant Type |
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Type |
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Application |
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North America Market Forecast
The industrial refrigeration market value in the North American region is predicted to be the largest with about 35% share. The key factor responsible for the increment in market value is the rising government initiatives such as the Significant New Alternatives Policy (SNAP) and American Innovation and Manufacturing (AIM) Act encourage food manufacturers to use natural industrial refrigerant solutions to avoid food wastage.
Asia Pacific Market Analysis
The Asia Pacific industrial refrigerant market value is set to grow at a significant share registering about 24% by the end of 2035. The growing spending capacity of consumers has led to increasing demand for food items and other commodities which have less shelf-life which has escalated the demand for industrial refrigerant for protecting the products. Also, the rising living standards of the people living in the region are estimated to favor market value expansion.
Author Credits: Abhishek Verma, Hetal Singh
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